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Ur-Energy September 2013 Corporate Presentation

1.
September 2013
NYSE MKT: URG • TSX: URE

2.
Disclaimer
This presentation contains “forward-looking statements,” within the meaning of applicable securities laws, regarding events or conditions that may occur in the future. Such
statements include without limitation the Company’s timeframe for events leading to and culminating in the completion of commissioning and ramp up of production at Lost Creek;
the ability and timing of the Company to close on project financing including the state bond process; the technical and economic viability of Lost Creek (including the production
and cost projections contained in the preliminary analysis of economics of the Lost Creek Property); timing and completion of closing of the Pathfinder (PMC) transaction; the
ability to complete additional favorable uranium sales agreements and ability to reduce exposure to volatile market; the potential of exploration targets throughout the Lost Creek
Property (including the ability to expand resources); the further exploration development and permitting of exploration projects including following a closing at PMC projects andProperty (including the ability to expand resources); the further exploration, development and permitting of exploration projects including, following a closing, at PMC projects and
production projections for PMC projects; the long term effects on the uranium market of events in Japan in 2011 including supply and demand projections; and whether a re-rating
of the Company will occur with production. These statements are based on current expectations that, while considered reasonable by management at this time, inherently involve
a number of significant business, economic and competitive risks, uncertainties and contingencies. Numerous factors could cause actual events to differ materially from those in
the forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: risks inherent in exploration activities; volatility
and sensitivity to market prices for uranium; volatility and sensitivity to capital market fluctuations; the impact of exploration competition; the ability to raise funds through private or
public equity financings; imprecision in resource and reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or
hydrological conditions; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand
for nuclear power; weather and other natural phenomena; delays in obtaining or failures to obtain required governmental environmental or other project approvals; and otherfor nuclear power; weather and other natural phenomena; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; and other
exploration, development, operating, financial market and regulatory risks. Although Ur-Energy Inc. believes that the assumptions inherent in the forward-looking statements are
reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this presentation. Ur-Energy Inc. disclaims any intention or obligation to
update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Cautionary Note Regarding Projections: Similarly, this presentation also may contain projections relating to an extended future period and, accordingly, the estimates and
assumptions underlying the projections are inherently highly uncertain, based on events that have not taken place, and are subject to significant economic, financial, regulatory,
competitive and other uncertainties and contingencies beyond the control of Ur-Energy Inc. Further, given the nature of the Company's business and industry that is subject to a
number of significant risk factors, there can be no assurance that the projections can be or will be realized. It is probable that the actual results and outcomes will differ, possiblyg , p j p , p y
materially, from those projected.
The attention of investors is drawn to the Risk Factors set out in the Company's Annual Information Form and Annual Report on Form 40-F, dated February 27, 2013 which are
filed, respectively, with the regulatory authorities in Canada on SEDAR and with the U.S. Securities and Exchange Commission on EDGAR. (www.sedar.com and
http://www.sec.gov/edgar.shtml)
Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources: the information presented uses the terms "measured", "indicated"
and "inferred" mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities
and Exchange Commission does not recognize these terms. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources
will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically
or legally minable.
John Cooper, Ur-Energy Project Geologist, P.Geo., SME Registered Member and Qualified Person as defined by National Instrument 43-101, and Catherine Bull,
Ur-Energy Project Engineer, Wyoming P.E., SME Registered Member and Qualified Person as defined by National Instrument 43-101, reviewed and approved the
technical information contained in this presentation.
NYSE MKT: URG • TSX: URE
2

5.
Analyst Coverage
Canada
Dundee Securities David A Talbot (Toronto ON) 1 416 350 3082Dundee Securities David A. Talbot (Toronto, ON) 1.416.350.3082
Haywood Securities Colin Healey (Vancouver, BC) 1.604.697.7400
Raymond James David Sadowski (Vancouver, BC) 1.604.659.8255
United States
Cantor Fitzgerald Rob Chang (Toronto, ON) 1.416.849.5008
Ur-Energy Inc is followed by the analysts listed above This list including the firms and individual analysts at these firms is subject to change at
Roth Capital Partners
Ur Energy Inc. is followed by the analysts listed above. This list, including the firms and individual analysts at these firms, is subject to change at
any time without notice. Please note that any opinions, estimates, forecasts, conclusions or recommendations regarding Ur-Energy Inc.
performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts, conclusions, recommendations or
predictions of Ur-Energy Inc. or its management. Ur-Energy Inc. does not by its reference above or in any other manner imply its endorsement
of or concurrence with such information, conclusions or recommendations.
NYSE MKT: URG • TSX: URE
5
See Disclaimer re Forward-looking Statements and Projections (slide 2)

8.
Nuclear Fuel Demand is Growing
435 operable reactors world wide
with 374 GWe capacity
Actual production demand
In 2012 world nuclear industry
consumption was ~180 million lbs. and
d ti l 152 illi lbproduction was only ~152 million lbs.
Under construction and planned
Today there are approximately 66
nuclear plants under construction innuclear plants under construction in
13 countries, 160 planned and 319
proposed
Renewed prospect of restarting Japans reactor fleet with election of new
*Source: UxC Uranium Market Outlook
Renewed prospect of restarting Japans reactor fleet with election of new
pro-nuclear government late in 2012
Saudi Arabia announced plans for 16 new reactors
NYSE MKT: URG • TSX: URE
8
See Disclaimer re Forward-looking Statements and Projections (slide 2)

9.
Global Supply Picture is Dynamic
HEU agreement to expire this year
Provides 13% of world and 45% of US annual supply
Today’s capital markets present a significant obstacle to
development of new large scale mining centers
C rrent rani m market price does not incenti i e ne s pplCurrent uranium market price does not incentivize new supply
development or sustain high cost conventional producers
Large scale production growth is being curtailed for the foreseeable
future
Six largest conventional projects between 2013-2020 cancelled or
shelved = 60 million lbs. supply lost*
New production will only come from a limited number of low cost,
scalable projects
*August 2013 Dundee Supply Report
NYSE MKT: URG • TSX: URE
9
See Disclaimer re Forward-looking Statements and Projections (slide 2)

10.
The US Uranium Market
US demand is not met by US production
US mines produce ~ 4M lbs of uranium/yr1
US utilities consume ~55M lbs of uranium/yr1US utilities consume ~55M lbs of uranium/yr1
Ur-Energy is well positioned to capitalize on this opportunity
1 U.S. Energy Information Administration
NYSE MKT: URG • TSX: URE
gy
10
See Disclaimer re Forward-looking Statements and Projections (slide 2)

15.
Preliminary Economic Assessment
April 30, 2012 PEA* updates resources and economics
Extended life of mine to 8 – 10 years
Mineral resource increase from February 2012 PEA
45% Increase in measured and indicated resources
42% Increase in inferred resources
Estimates direct operating costs at US $16.12/lb
Lowest quartile of all uranium producers
Cost including sustaining development, approximately US$23.00/lb
Full project capital cost recovery US$36.52/lb
Project internal rate of return (IRR) at 87%
Capital requirement in lowest quartile of all developing uranium production
facilities
*Preliminary Economic Assessment of the Lost Creek Property, Sweetwater County, Wyoming Prepared by Ur-Energy Inc. – April 30, 2012
(posted on SEDAR and EDGAR)
Cautionary Statement: This PEA is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the
economic considerations applied to them that would enable them to be categorized as mineral reserves. The estimated mineral recovery used in this PEA is based on
both site-specific laboratory recovery data as well as URE personnel and industry experience at similar facilities. There can be no assurance that recovery at this level
will be achieved.
NYSE MKT: URG • TSX: URE
15
See Disclaimer re Forward-looking Statements and Projections (slide 2)